On June 21 China announced that the Budapest Stock Exchange is expected to begin pricing gold using the futures price determined at the Shanghai Gold Exchange, and will make Hungary the first market outside of China to use a pricing mechanism for the precious metal that is not of either London or the Comex.

This move is the first in China's push to usurp control over the pricing of gold, and is the start of their program to internationalize futures contracts at the world's largest physical gold exchange.

China is looking to expand the use of its yuan-denominated
gold fix overseas, the chairman of the mainland China’s sole gold bourse said
on Wednesday, reflecting on Beijing’s attempt to vie for a bigger say in the
price-setting of the precious metal.

It is now expected that a gold futures contract based on
China’s yuan-backed gold benchmark price could be listed on the Budapest Stock
Exchange in Hungary as soon as the second half of this year, said Jiao Jinpu,
chairman of the Shanghai Gold Exchange (SGE) at the Lujiazui Forum, which ends
in Shanghai on Wednesday.

SGE is considered the world’s largest physical bullion
exchange.

The yuan-backed benchmark fix, launched by the SGE in April
2016, reflects Beijing’s hopes of reducing its reliance on US-dollar based
prices of the metal, he said.

It also reflects Beijing’s latest step to push
ahead its plan to make the yuan a global currency, analysts added. - South China Morning Post